Daily Key Short Term Technical Levels Thurs 12 Oct 2017

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By :  ,  Financial Analyst

FX – USD short-term downtrend remains intact

  • EUR/USD – Rallied as expected and hit the short-term resistance/target of 1.1875 (printed a current intraday high of 1.1875 in today, 12 Oct Asian session).  Right now, it is approaching the upper boundary of a short-term ascending channel in place since 06 Oct 2017 low & a Fibonacci projection cluster that confluences at the  1.1900 resistance level. In addition, both the hourly RSI & Stochastic oscillator are now coming close to their respective extreme overbought levels. Risk of a minor consolidation/pull-back at this juncture after its run up from 06 Oct 2017 low. Prefer to turn neutral now between 1.1900 & 1.1825 (lower boundary of the aforementioned short-term ascending channel + former minor swing high of 11 Oct 2017).
  • GBP/USD – Rallied as expected and almost hit the first short-term resistance/target of 1.3280 (printed a printed a current intraday high of 1.3265 in today, 12 Oct Asian session).  No change, short-term uptrend from 06 Oct 2017 remains intact above tightened key short-term support now at 1.3210 (pull-back support of the former minor range consolidation from 10 Oct 2017 that has been broken out yesterday + ascending channel support from 06 Oct 2017 low) for a further potential push up towards the next short-term resistance at 1.3350 (former minor swing low of 28 Sep 2017 + 50% Fibonacci retracement of the decline from 21 Sep 2017 high to 06 Oct 2017 + ascending channel resistance from 06 Oct 2017 low).
  • AUD/USD -  Tested & held right at the 0.7775 tightened key short-term support as per highlighted yesterday (no hourly close below 0.7775). It has continued its up move and it is now coming close to  the predefined 0.7830 short-term resistance/target which also confluences with upper boundary of the short-term ascending channel from 06 Oct 2017 low. In addition, the hourly Stochastic oscillator has reached an extreme overbought level. Risk of a minor consolidation/pull-back at this juncture after its run up from 06 Oct 2017 low. Prefer to turn neutral now between 0.7830 & 0.7795 (pull-back support of former minor range consolidation from 11 Oct 2017).
  • NZD/USD – Rebounded as expected. Tightened key short-term support to 0.7080 (former minor swing high of 11 Oct 2017 + pull-back support of the former descending trendline from 21 Sep 2017 that has been broken out in today’s early Asian session) for a further potential push up towards the 0.7140 short-term resistance (former minor swing low area of 31 Aug 2017 + 23.6% Fibonacci retracement of the decline from 21 Sep 2017 high to 06 Oct 2017 low).
  • USD/JPY – No change, maintain potential short-term down move scenario below 112.70 key short-term resistance for a potential push down towards the intermediate supports coming in at 111.70 follow by 111.50 (minor swing low area of 26 Sep 2017).
Commodities –Short-term uptrend in Gold remains intact
  • Gold – Rallied as expected and it is now coming close to the first short-term resistance/target of 1297 (printed a current intraday high of 1295 in today Asian session). No change, short-term uptrend from 06 Oct 2017 low remains intact, tightened key short-term support now to 1289 (lower boundary of short-term ascending channel from 06 Oct 2017 low + pull-back support of former minor range consolidation from 10 Oct 2017 low) for a further potential push up towards the next resistances at 1304 and 1309 (upper boundary of short-term ascending channel from 06 Oct 2017 low + Fibonacci cluster).
  • WTI Crude (Nov 2017) – Mix elements prevail. No change, maintain neutrality stance between 51.42 & 49.95.

Stock Indices (CFD) – Uptrend remains intact except for Australia

  • US SP 500 – Retested its current all-time high level of 2555 and closed at its high in yesterday (11 Oct) U.S. session. No change, short-term bullish impulsive upleg from 25 Sep 2017 minor swing low remains intact and tightened key short-term support to 2551 (former minor swing high of 11 Oct 2017 + pull-back support of former range configuration from 06 Oct 2017 + lower boundary of the ascending channel from 25 Sep 2017 low) for a potential push up towards the next short-term resistance remains at 2565/70 (upper boundary of ascending channel from 25 Sep 2017 low + Fibonacci projection cluster).
  • Japan 225 – Rallied and hit the resistance/target of 21000 as expected in today (12 Oct) Asian session. No clear signs of bullish exhaustion, short-term uptrend from 29 Sep 2017 remains intact. Tightened key short-term support to 20922/890 (former minor swing high area of 11 Oct 2017 + minor ascending trendline from 10 Oct 2017 low) for a further potential push up towards the next resistances at 21130 and 21200 (see latest weekly technical outlook for details).
  • Hong Kong 50 – Tested the 28300 predefined short-term support in yesterday (11 Oct) European session before it rebounded (no hourly close below 28300). No change, 28300 remains the key short-term support and an hourly close above 28575 is required to reinforce the bullish bias for a further potential up move towards the next resistance at 29100 (Fibonacci projection cluster) in the first step.
  • Australia 200 – Edged higher but it is still below the key 5800 medium-term resistance of the multi-month range configuration in place since Jun 2017. No change, maintain potential bearish scenario for a minor drop towards 5717 intermediate support within a range configuration.
  • Germany 30 – No change, short-term bullish impulsive upleg in place since 26 Sep 2017 minor swing low remains intact with key support remains at  12890 (04 Oct 2017 low + 23.6% Fibonacci retracement of the on-going rally from 26 Sep 2017 low + ascending channel support from 29 Aug 2017 low) Next intermediate resistance stands at 13080 (1.618 Fibonacci projection from 04 Oct 2017 minor swing low) follow by 13150 (Fibonacci projection cluster).

*Levels are obtained from City Index Advantage TraderPro platform

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Related tags: Commodities Forex Indices

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